OfficeMax

1541 River Valley Cir N, Lancaster, OH 43130

$3,522,600

Cap Rate 7.00%

Views: 271 DOM: 429 Updated: 10.31.24 Posted: 10.20.23 Status: Active

Summary

Price $3,522,600	Built/Renov 1998	Tenant OfficeMax
Cap Rate 7.00%	Lease Type Double NN	Guarantor Corp Traded
Size/SF 23,484	Lease Start 09-01-1998	#Units 916
Price/SF $150.00	Expiration 08-31-2028	Tenant Type General Retail
NOI $246,582	R. Term 3.8	Ownership Fee Simple
Rent/SF $10.50	Increases 0.0%/0/yrs	Pop 5Mi 52,278
Lot/AC 3.24	Options 1/5yrs	AHHI 5Mi $83,690

Lease Highlights

Office Max has been operating in this location since 1998 and executed several lease renewals
The tenant currently has 3+ years remaining on the current lease term with 1 (5-year) option to extend
Landlord responsible for roof, structure, parking lot & HVAC replacement
Corporate guarantee by The ODP Corporation (NYSE: ODP)

Location Description

Office Max is strategically positioned on River Valley Circle, offering excellent visibility and direct access from North Memorial Drive, which sees a daily traffic count of 20,845 vehicles. The subject property sits in the middle of Lancaster's main retail corridor surrounded by national retailers such as Lowe's, Meijer, Target, Dick's, Walmart, Aldi, Best Buy, and more. This strong tenant...

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Key Features

In location for years
Dense retail corridor
Near major nationals
Shopping Ctr out-parcel
Strategically located
Strong tenant synergy
Top 100 MSA
Long operation history
Corporate Guarantee
Publicly traded company

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Links

OfficeMax Wikipedia OfficeMax Wikipedia Lancaster, Ohio Zip Code 43130 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: OfficeMax
Guarantor:Corp Traded
Company:The ODP Corporation
# Units:916
Stock: NASDAQ: ODP

About Tenant

OfficeMax is an American office supplies retailer. The company also provides services such as document printing, pack and ship, shredding and storage. As an independent chain, it was the...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	8,658	40,392	53,305
2023 Total Population :	8,368	39,281	52,034
2023 Employed Civilian Pop :	3,927	17,715	23,439
2023 Total Businesses :	357	1,513	1,887
2023 Average Household Income :	$ 70,136	$ 73,022	$ 79,861
2023 Total Consumer Spending :	$ 232 M	$ 1045 M	$ 1500 M
2023 Median Age :	44	40	42
2023 Total Households :	3,777	16,318	21,483
2023 Pop Age 25+: Bachelor's Degree :	767	3,751	5,574
2023 Average Home Value :	$ 230,664	$ 232,440	$ 258,307

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
N Memorial Dr	River Valley Dr	2012	24,641	0.11 mi
Schorrway Dr NW	Hillcrest Dr	2008	3,659	0.12 mi
Schorr Way Dr	Venture Pl	2008	4,801	0.18 mi
Hillcrest Dr	Schorrway Dr NW	2008	2,198	0.18 mi
N Memorial Dr	Pierce Ave	2018	27,143	0.27 mi
N MEMORIAL DR	River Valley Dr	2021	10,534	0.27 mi
N Columbus St	Hillcrest Dr	2019	11,337	0.32 mi
Pierce Avenue	N Pierce Ave	2021	6,815	0.51 mi
North Columbus Street	Nelson	2021	11,250	0.58 mi
-	Brannon Dr	2021	10,962	0.61 mi

Listing Broker

Daniel Kukes

Landmark

Contact

17 Listings
3252 Views
3 Sold

Max Lippitt

Landmark

Contact

18 Listings
3414 Views
3 Sold

Daniel Kukes

Daniel Kukes is a Partner of Landmark Commercial Real Estate Services, LLC and a Co-Founder and Partner of the Landmark Investment Sales Team. Daniel specializes in the sale of retail shopping centers and single tenant net lease investment properties of all property types across the country. He currently represents some of the nation’s largest institutional funds, private equity funds, and high net worth investors in listing investment properties nationwide. Since 2010, Daniel has closed dea

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Max Lippitt

Maxwell Lippitt graduated from Michigan State University in 2016 with a Bachelor of Science degree in Economics. During College, Max was an intern in Landmark’s Investment Sales department. Upon graduating, Max became an associate broker at CBRE specializing in the disposition of single tenant medical, retail, and office properties. While at CBRE, Max researched, sourced, and tracked thousands of investment properties while building strong relationships with a wide variety of property owners al

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